Electroneum: The First British Cryptocurrency
Bitcoin was released as an open-source program. This led to an opportunity for developers all around the world to create new technology over it. Since then a lot of new cryptocurrencies are available in the market having their unique features and value.
Cryptocurrencies are decentralized in nature, and this very concept is the basis for the invention of new cryptocurrencies. We have seen in the past that the user of cryptocurrencies is vigilant to keep the system decentralized. If any updates are a threat to its decentralization, we see new cryptocurrencies being developed by the independent developers or teams.
When bitcoin was released, people were hesitant to use it. Slowly when people started to understand the concept of it. They made investments and within a small period, the value of bitcoin sky-rocketed, and it opened up a whole new market. The value of Bitcoin might’ve decreased in the near past, but still, the bubble didn’t burst as people supposed it would.
As the value of Bitcoin increased, a completely new market was formed for tech developers to develop new technologies or cryptocurrencies and launch them into the market. As discussed earlier bitcoin program is open-source so the new currencies could be built on it. As of 2019, there are thousands of cryptocurrencies in the market.
Electroneum- An Overview
Electroneum is also known as British Cryptocurrency. It was launched as an ICO. The basic purpose behind the invention of this cryptocurrency was to use it in the mobile gaming market. The main feature that attracts the user is its user-friendly interface.
Electroneum- Mobile Based Cryptocurrency
Although there is a number of cryptocurrencies available in the market, none provides a lot of features in the mobile app. Electroneum claims to be the world first cryptocurrency that allows wallet management as well as coin mining within the app. Electroneum allows funds to transfer through the app without using a bank account.
The core principle behind the invention was to introduce new trends in the mobile-based cryptocurrency. It makes it incredibly more accessible for users who are interested in buying on smartphone devices, like buying games, enjoying subscriptions, you won’t need to start up your computer. All you need is an app to perform the transactions.
“I don’t know if you’ve ever tried buying any Bitcoin, but it’s tough to do! I realized that what the world needs is a cryptocurrency that is genuinely easy to access and use. We’ve developed Electroneum with the ordinary mobile user in mind.” – Richard Ells, the founder of Electroneum
British Cryptocurrency – Increased Coins
The number of coins offered by the currency is 21 billion that is far more than that of bitcoin. This will attract the miners.
Electroneum- Helping Unbanked Users
If you are a small business owner or a student and you don’t want to go through all the paperwork to open up an account. Almost 1.7 billion people around the world have no bank account to perform their transactions. Electroneum offers a solution for you.
Electroneum uses a system solution powered by ETN, a cryptocurrency it notes is the first to be compliant with Know Your Customer and Anti-Money Laundering measures and the fifth European Union Anti-Money Laundering directive. The currency could be sent by just using the app.
Cryptocurrencies are volatile, so it is useless to say that they attract investors. Electroneum offers something new in the market, so there is an excellent scope of it getting a good amount of revenue in the future. This means that the investors are keen to invest in the currency.
Before investing the investor’s primary concern are the overall working of the currencies and the technology and the developers. As far as Electroneum is concerned, it is developed by experienced developers, so there is very less chance of internal wrangling and crashing in the long term.
If you are a tech guy and want to launch your online business. The network offers you an excellent opportunity to perform transactions and reach several users to showcase your business. The network solves the main problem behind a new business of payment gateway through mobile transactions that don’t even require a bank account.
Service for Everyone
The British cryptocurrency, i.e. Electroneum, aims to benefit everyone. The business owners, retailers all could join the network. While providing a solution to the user having no bank account, Electroneum brings new potential customers for business from all over the world. Thus unlocking a new market for both the company and the customers. This also helps to solve issues of accessibility for global businesses to reach their customers.
Bitcoin vs Electroneum
The unique features that make the British cryptocurrency unique are the unique selling point of combing payment system with a gig economy. The availability of mobile devices is increasing day by day so does the need for an app to perform digital transactions.
Electroneum was developed on a “need”, a need to connect the community and business through a mobile-friendly application that could be used for all the features required for a cryptocurrency.
The currency is enjoying a sizeable growth in South Africa and Brazil. Company is offering different packages and top-ups to mobile users to attract more users. The company is planning several updates in the coming months and aims to make it a global currency to be used by everyone.
As of writing this article, the value of the currency is increasing, and the future looks bright.